Russia's precious metals exports to China showed significant growth in the first half of 2025, reaching $1 billion, spurred by rising gold prices.
Increase in Precious Metals Shipments
Exports of Russian precious metals, including gold and silver, to China increased by 80% compared to the same period last year. This notable rise occurred amid a gold price increase of 28% since the beginning of the year.
Russia and Chinese Demand
Following the imposition of Western sanctions in response to the invasion of Ukraine, Russia was shut out of key trading venues such as London and New York, drastically reducing demand for its products. However, China remained an important partner, accepting significant volumes of Russian precious metals. This also includes palladium and platinum, with growing demand coming from Chinese manufacturing sectors.
Global Factors Driving Gold Prices
Gold prices reached record highs not only due to production increases but also due to global economic factors. A declining U.S. dollar and uncertainty in global markets have made gold a more attractive asset. Specifically, spot gold prices reached $3,369.02 per ounce in morning trading. According to the Chief Market Analyst at KCM Trade, the weakening dollar has opened up new opportunities for gold growth.
Thus, in light of the constraints imposed by the West and the increasing demand from China, Russian precious metals exports highlight shifts in the global economy and the demand for safe-haven assets.
